Mortgage Tips for First-Time Homebuyers: An Interview with Pamela Caldwell of Starkey Mortgage

Tell us a little bit about your company and the services you offer.

Starkey Mortgage (WR Starkey Mortgage, LLP NMLSR#2146), is a medium size mortgage originator intent on providing exceptional, individualized service and maintaining supportive, lasting relationships with borrowers, Realtors®, and builders. We are dedicated to our clients and work hard to develop programs and lending options that are suitable to the people we serve. Starkey Mortgage is committed to proving itself as the right lender for you through our words and actions?we are pleased to show you just how different the lending process can be with the right partner.

Is there a common misconception that first-time homebuyers have about home loans?

Yes, first-time homebuyers need to understand that knowledge is the key. The more they understand the process, the smoother it will go. Do your research on the areas you would like to live and the lender you would like to use. You want to choose a lender who will act as an advisor and coach you through the process. Another misconception is that a few late payments don't hurt your credit score. This is untrue and lenders take into account delinquent bills and unstable employment. Pre-qualification is another factor that is confusing to first-time homebuyers. This is not a loan but an estimate on what a lender thinks you will qualify for.

What's the most important thing that banks will be looking at in the application?

The application takes into account many things and all are equally important. For instance; credit history acceptable according to the loan program you are being qualified for, job stability and current tenure of employment, income sufficient to repay mortgage loan and all other debt; and assets available for down payment and closing costs.

Can you briefly describe the difference between working with a mortgage broker and a direct lender?

Working with Starkey Mortgage, our borrowers realize the benefits of working with a lender who has long term stability in the mortgage banking industry. Home loans are our specialty! This is all we do so that we can focus on helping you choose the loan program that is best for your needs. Our company prides itself on the experienced professionals we have hired to staff our offices and offers full service to our borrowers. Your loan will be handled 100% by our own employees- this means we have full control during the entire loan process.

What are some of the biggest regrets you've seen first-time homebuyers have when it comes to the mortgage process?

First-time homebuyers get really excited and emotionally charged during the process and forget the Do's and Don't that we explain in the beginning of the process. Once you apply for a mortgage you need to wait on making any purchases for your new home, furniture, appliances, etc. Often times first time home buyers forget and increase their debt during the process, thus taking them out of qualifying for the loan. The loan process is only as stressful as you make it. Here at Starkey Mortgage we keep you informed at all times on what we need from you to make the process as smooth as possible.

What advice would you give to first-time homebuyers to help them get the best loan terms as quickly as possible?

Contact our Loan Officer at the very beginning of the process and schedule an interview to begin understanding of the loan application and qualification process. We will spend the time that is needed with you so that before you begin the home shopping process, you are educated and knowledgeable.

What's the best way for people to contact you and your company?

The best way to contact me is by phone or email. Below is all my contact information: